Rusal to Hold Extraordinary General Meet After Sual Request

June 29 (Bloomberg) -- United Co. Rusal, the world’s
biggest aluminum producer, said it will hold an extraordinary
shareholder meeting after a request by Sual Partners Ltd., it’s
third-biggest holder, with which it’s in a legal dispute.

Rusal, facing an escalating shareholder conflict over Rusal
management’s decision to hold on to 25 percent of OAO GMK
Norilsk Nickel, will hold the meeting on Aug. 3, the Moscow-based company said in a statement to the Hond Kong stock
exchange.

Sual, owner of a 15.8 percent stake in Rusal, wrote to the
aluminum producer requesting the board meet to consider amending
or introducing regulation to refer related party transactions to
shareholders for approval.

Rusal said it doesn’t support the proposed resolutions and
recommended shareholders vote against them at the meeting,
according to the statement.

Rusal in April hired legal counsel to advise on arbitration
brought by Sual to overturn trading contracts with Glencore
International Plc. Sual is suing Rusal and Glencore as well as
Rusal Chief Executive Officer Oleg Deripaska and his En+ Group,
Rusal’s biggest shareholder, alleging a breach of a 2007
shareholder agreement for pushing through new contracts without
its consent.

Viktor Vekselberg, who controls Sual with fellow
billionaire Len Blavatnik, quit as Rusal’s board chairman in
March during a dispute with Deripaska to have Rusal sell its 25
percent of Russia’s biggest mining company, Norilsk Nickel,
allowing the aluminum producer to cut debt and pay dividends.